Daily Renegade

Setting Things Straight

14 notes

WASHINGTON POST: BP says it will cut its tax bill by almost $10 billion by deducting costs related to the oil spill. Scumbaggery at its finest.

“We’re going to make this right” my American ASS.

BP said Tuesday that it plans to cut its U.S. tax bill by $9.9 billion, or about half the amount pledged to aid victims of the disaster, by deducting costs related to the oil spill.

A portion of that could be refunded from taxes BP paid in earlier years.

The company disclosed its intentions as part of its second-quarter earnings report, in which it said it would record a $32.2 billion charge to reflect the costs of the spill.

Under U.S. corporate tax law, companies can take credits on up to 35 percent of their losses.

The credit for BP could mean, however, that taxpayers will indirectly foot part of the bill for the $20 billion fund that BP established to compensate people and businesses harmed by the disaster.

Via inothernews

Filed under bp oilspill corporate taxes

  1. naadia reblogged this from inothernews
  2. dailyrenegade reblogged this from inothernews and added:
    Via inothernews
  3. rubenfeld reblogged this from inothernews and added:
    This is why you should always read a company’s 8K and 10K SEC filings. They’re a treasure trove of information.
  4. iamsherlokidsweetie reblogged this from szechwean and added:
    BUUUUUUT, they said this with a British accent which made it sound endearing. BP can go suck a proverbial dick. Kinda...
  5. jaboifriend reblogged this from szechwean and added:
    Like, fuck, you guys.
  6. szechwean reblogged this from inothernews and added:
    AAGGHHHHHHHH.
  7. inothernews posted this